Welcome to our dedicated page for Surface Oncology news (Ticker: SURF), a resource for investors and traders seeking the latest updates and insights on Surface Oncology stock.
Surface Oncology, Inc. (NASDAQ: SURF) is a clinical-stage immuno-oncology company pioneering the development of next-generation cancer immunotherapies. Founded on cutting-edge research from world-renowned immunologists and cancer researchers from institutions like Memorial Sloan Kettering and Harvard, Surface Oncology aims to harness the power of the immune system to fight cancer more effectively.
The company's innovative pipeline is focused on the tumor microenvironment, featuring two wholly-owned antibody programs: SRF388 and SRF114. SRF388 targets IL-27, an immunosuppressive cytokine, and is currently in Phase 2 clinical trials. It has shown promise as both a monotherapy and in combination with checkpoint inhibitors, and has been granted Orphan Drug and Fast Track designations by the FDA for refractory hepatocellular carcinoma. SRF114, in Phase 1 trials, specifically depletes CCR8+ regulatory T cells within the tumor microenvironment, aiming to drive anti-tumor immunity.
Surface Oncology has also established significant partnerships with major pharmaceutical companies, including Novartis and GlaxoSmithKline, to advance additional pipeline programs. Their collaboration with Novartis targets CD73 (NZV930), currently in Phase 1, while their partnership with GlaxoSmithKline focuses on PVRIG (GSK4381562), also in Phase 1.
Recently, Surface Oncology completed a $35 million Series A financing round, bolstered by A-list investors such as Atlas Venture, New Enterprise Associates, Fidelity Biosciences, Lilly Ventures, Amgen Ventures, Novartis Institute for Biomedical Research, and former Bristol-Myers Squibb R&D head Elliott Sigal. The company has used these funds to advance its clinical programs and explore new therapeutic avenues.
In a significant development, Surface Oncology has announced a proposed merger with Coherus BioSciences. This merger aims to combine resources to advance SRF388 and SRF114 through clinical trials and eventually to market. The merger is expected to provide Surface with net cash of $20 million to $25 million at closing, although the outcome is contingent on shareholder approval.
Financially, Surface Oncology reported a net loss of $28.2 million for the second quarter of 2023. The company anticipates that its cash reserves will sustain operations through the end of 2023. Amidst these developments, Surface continues to focus on its core mission: to develop innovative, next-generation cancer treatments that offer meaningful and sustained anti-tumor responses.
Surface Oncology (Nasdaq: SURF) announces a presentation of clinical data for SRF388 at the American Society for Clinical Oncology (ASCO) 2021 Annual Meeting, scheduled for June 4-8, 2021. The Phase 1 study results will be shared through an e-poster and accompanied by a webcast at 8:00 a.m. on June 4. The data highlights SRF388's potential in treating advanced solid tumors, particularly in patients unresponsive to standard therapies. The SRF617 study will also be reviewed, focusing on advancements in immuno-oncology treatments.
Surface Oncology has announced key leadership changes with the appointment of Henry Rath as chief business officer, alongside the promotions of Alison O’Neill to chief medical officer and Jessica Fees to chief financial officer. Rath brings over 25 years of experience in biotechnology, while O’Neill and Fees have been integral to the company’s success, holding relevant roles since 2018 and 2014, respectively. This transition aims to enhance corporate development and strategic leadership as Surface continues to develop innovative immunotherapies targeting the tumor microenvironment.
Surface Oncology has been recognized by the Boston Business Journal as one of the Best Places to Work in 2021. The award highlights companies with outstanding work environments in Massachusetts. CEO Rob Ross emphasized the company’s commitment to fostering a collaborative culture aimed at developing innovative cancer treatments. A total of 165 businesses qualified for the award, with 80 companies honored based on employee engagement surveys assessing work-life balance, job satisfaction, and management. Surface will be celebrated in a virtual event on June 16, 2021, and featured in a special publication.
Surface Oncology (Nasdaq: SURF) will present preclinical findings for its lead product programs, SRF388 and SRF617, at the American Association for Cancer Research (AACR) 2021 Annual Meeting. The data indicate that these programs promote proinflammatory activity in the tumor microenvironment, potentially offering new cancer treatment options. The e-posters will be available online starting April 10 and will detail the effects of CD39 inhibition and IL-27 signaling on tumor development and immune response. Phase 1 trial data is anticipated in June.
Surface Oncology (Nasdaq: SURF) announced that the FDA has granted Orphan Drug Designation for its therapeutic candidate SRF617, aimed at treating pancreatic cancer. This designation is significant as it highlights the urgent need for new immunotherapies in this area. SRF617, currently in Phase 1/1b studies, uses a dual mechanism to enhance anti-tumor immunity by inhibiting CD39. With this designation, Surface Oncology is eligible for various incentives such as tax credits and marketing exclusivity, potentially benefiting its clinical development efforts.
Surface Oncology (SURF) announced updated preclinical data for its lead antibody therapies, SRF617 and SRF388, to be presented at the American Association for Cancer Research (AACR) 2021 Annual Meeting, taking place virtually from April 10 to May 21, 2021. The research highlights SRF617's effectiveness as a CD39 inhibitor, impacting tumor immune escape and promoting proinflammatory responses, and SRF388's potential in blocking IL-27 signaling to enhance NK cell activity against hepatocellular carcinoma (HCC). The data supports ongoing clinical studies for both therapies.
Surface Oncology (Nasdaq: SURF) reported strong financial results for Q4 and full year 2020, with revenues of $87.6 million in Q4, up from <$1 million in Q4 2019, largely due to an $85 million payment from GSK. The company also announced a collaboration with Merck to evaluate SRF388 in combination with KEYTRUDA® for solid tumors. R&D expenses decreased to $10.7 million for Q4 2020, while net income surged to $67.3 million, or $1.66 per share. Cash and equivalents reached $175.1 million, providing a runway through 2023.
Surface Oncology (Nasdaq: SURF) announced a collaboration with Merck to evaluate the safety and efficacy of its investigational antibody therapy SRF388 combined with Merck's KEYTRUDA® in patients with solid tumors, particularly liver and kidney cancers. This Phase 1 study aims to assess SRF388's potential to overcome resistance to anti-PD-1 therapy. SRF388 previously achieved criteria for further clinical development, with detailed results expected in 2021. The FDA granted it Orphan Drug and Fast Track designations for hepatocellular carcinoma.
Surface Oncology (Nasdaq: SURF) announced that Dr. Rob Ross, the incoming CEO, will present at two upcoming virtual investor conferences. The Cowen 41st Annual Healthcare Conference is scheduled for March 1, 2021, at 10:20 a.m. ET, while the H.C. Wainwright Global Life Sciences Conference will take place on March 9-10, 2021, with a presentation recording available during the event. The presentations will highlight Surface’s lead programs, including SRF617 and SRF388, and their preclinical program SRF114.
Surface Oncology has announced that Robert Ross, M.D., the current chief medical officer, will succeed Jeff Goater as CEO effective April 1, 2021. Goater will transition to chairman of the board. Under Ross's leadership, Surface aims to advance its pipeline, which includes two wholly owned clinical-stage programs, SRF617 and SRF388. Additionally, Daniel Lynch will move to an advisory role, and Geoffrey McDonough, M.D. will become the lead independent director. These changes reflect the company's growth in the immuno-oncology field.
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